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1970.05.14.De Banque Worms & Cie.Plaquette de présentation en anglais (imprimée aux USA)

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Banque Worms & Cie
Paris

Banque Worms & Cie
Societe Anonyme with Capital of 114,093,400 Francs
Divided in 1,140,934 Shares of 100 Francs Each
45, Boulevard Haussmann
75 Paris 9eme
France

Table of contents

Banque Worms & Cie continued its domestic and international expansion during the year 1969 and is happy to present you this brochure which includes the following documents.

Page
4: Board of Directors
5: Branches and Affiliated Banks
7: Text of the Report presented by the Chairman of the Board to the Annual Shareholder’s Meeting on May 17, 1970
22: Balance Sheet on December 31, 1969
23: Profit and Loss Statement on December 31, 1969

Raymond Meynial
Chairman of the Board and Chief Executive Officer
Partner of Worms & Cie
Chairman of the Board of the insurance companies
La Preservatrice AIRD and La Preservatrice Vie

Guy Brocard
Vice Chairman and Deputy Chief Executive Officer
Partner of Worms & Cie
Chairman of Pechelbronn

Claude Tixier
Vice Chairman
Chairman of the Board of Banque industrielle de l’Algérie et de la Méditerranée

Jean Barnaud
Director
Partner of Worms & Cie
President of Societe Française de Transport Petroliers

Dr. Wilhelm Conrad
Director
President of Hessische Landesbank Girozentrale Frankfurt

G. Morris Dorrance Jr.
Director
Chairman of Philadelphia National Bank

Louis-Charles de Fouchier
Director
Chairman of the Board of Credit du Nord, Paris

Robert Labbé
Director
Partner of Worms & Cie
Chairman of Worms, Compagnie Maritime et Charbonnière
Chairman of Compagnie Havraise et Nantaise Péninsulaire

Roger Low
Director
Executive Director of Bank of London and South America, London

Lord Polwarth
Director
Governor of the bank of Scotland, Edinburgh

Guy Taittinger
Director
Partner of Worms & Cie
Chairman of Societe du Louvre
Chairman of the insurance companies
La Fonciere du Louvre
La Fonciere La Nation

Jean Thierry
Director
Honorary Chairman and Director of the insurance companies
La Populaire Vie and La Populaire IRD

Management
Roger Dubost
General Manager

Pierre Bazy
Assistant General Manager

Patrice Perrot de Corgnol
Assistant General Manager

Banque Worms & Cie
Branches and Affiliated Banks

Head Office
45, Boulevard Haussmann
75 Paris 9
Tel : OPE 62-50

Branches in France
Franklin Building rue du 129eme
76 Le Havre
Tel : 42.56.00 and 42.56.01

29, rue du Molinel
59 Lille
Tel : 55.31.72 and 55.33.47

55, Place de la République
69 Lyon
Tel : 42.56.45
(Main Office in Lyon)

90 Cours la Fayette
69 Lyon
Tel : 62.04.56

35 Cours Pierre Puget
13 Marseille
Tel : 37.41.22 and 37.67.74

14 rue de Verdon
34 Montpellier
Tel : 72.14.19 and 72.14.20

15, rue Guiglia
06 Nice
Tel : 88.89.21

50 rue de Metz
31 Toulouse
Tel : 52.86.36 annd 52.92.08

Domestic Subsidiary
Société Méditerranéenne de Banque
15 boulevard du Roi-Jérôme
20 Ajaccio, Corsica
Tel : 21.00.13

1 rue Gabriel Péri (Branch)
20 Bastia, Corsica
Tel : 16.68

Foreign Subsidiaries
Worms & Cie (Maroc)
81, rue Colbert
Casablanca, Morocco
Tel : 622.41

27, rue Abderrahmane Sehraoui (Branch)
Casablanca, Morocco
Tel : 686.47

1 avenue Allal Ben Abdallah (Branch)
Rabat, Morocco
Tel : 335.98

Banque Worms & Associés (Genève) SA
16 rue de Hollande
1211 Geneva, Switzerland
Tel : 26.35.04

Affiliated Banks
Banque de l’Union occidentale
127 Avenue des Champs-Élysées
Tel : 225.83.90

Banque de gestion privée
20 rue de la Baume
75 Paris 8e
Tel : 359.32.70

Union bancaire pour le commerce et l’industrie
7/9 rue Es-Sadikia
Tunis, Tunisia
Tel : 245.877

Representative Office
Banque Worms & Cie. Representative Office
7 West 57^th Street
New York, NY 10019
Att : Mr. Jean Perrette, US Rep.
Tel : 212-755-8795
TWX : 710-581-4730

After October 1, 1970:
919 Third Avenue
37^th Floor
New York, NY 10022

Text of the report presented by the Chairman of the Board of Banque Worms & Cie to the Annual Shareholders’ Meeting in Paris on May 14, 1970.

Ladies and Gentlemen :
We have convened our Annual Shareholders’ Meeting to submit to you our statement of condition and earnings as of December 31, 1969, in accordance with our national laws and company by-laws.
Before submitting our business reports for 1969, we think it worthwhile to review the national and international background of events in which our Bank operated this past year.
The year 1969 was certainly eventful in France on the political level and not less so on the economie and financial levels. Our country's balance of payments position continued to deteriorate during the first six months. As a result the government decided in August to devalue the franc. The 12.5% devaluation rate was chosen in order to reduce French prices to a more competitive level on world markets without, at the same time, jeopardizing par values of other currencies.
With roots going back to the crisis of May-June 1968, the devaluation finally occurred on August 8, 1969 and was immediately followed by  a national program to correct the underlying causes of the  problem.  By October the combination of monetary adjustments and austere economie policy which followed the devaluation rapidly led to a reversal of the unfavorable trend in our balance of payments. Then the German mark opportunely revalued on October 26, thus  reinforcing  our  country's improved trade trend and ending  the  wave  of  currency  speculation which bad been widespread for months.
The government's austerity policy was implemented through a wide variety of actions, chief of which was a series of credit restraint measures. Credit restrictions which bad been in effect since November 1968 were continued through all of 1969 and were extended to new categories of financing. For example, new restrictions were imposed on medium-term
equipment credits (which for a short period were not even allowed). The mortgage market was also affected and consumer installment credits were increasingly cut back. In addition, various special measures, such as the extra withholding tax on bank profits, stiffened already severe austerity measures in the ban king sector.
The strong quantitative as weil as qualitative credit restriction policy pursued by the French authorities in furtherance of their currency stabilization efforts was reinforced by another more general phenomenon, namely an increase in cost of money. The movement of interest rates in France cannot be isolated from world-wide interest rate trends and 1969 was marked in all countries by a sizeable increase in the cost of credit. The official discount rate moved from 3% to 6% in West German y, from 7% to 8% in Great Britain. In the United States the prime rate went from 6.75% to 8.5% in June and stayed at this level through the end of the year. The rise on the Eurocurrency markets was even sharper: three month Eurodollars, yielding around 7% at the end of 1968, were above 11% in December 1969.
Under these conditions, French monetary authorities did not judge it wise to pursue a cheap money policy on the domestic market under the protection of national exchange controls. Instead, they combined high cost of money with credit restrictions in order to restrain expansion of the money supply.
The discount rate of the Banque de France was raised from 6% to 7% on June 13 and to 8% on October 8. According toits traditional policy, the Banque de France constantly kept its money market rates at a higher level. Thus, the day-to-day cost of money, which hardly exceeded 8% in March, increased to 9 ½ % in October and even reached 11% in December.
The effects of the increased cost of credit were felt only gradually in the French economy. Consumer credits were the first affected, causing as of early fall a sizeable business slowdown in the retail fields which are heavily dependent on them. By the year's end the real estate market bad also severely felt the pinch. Since the beginning of 1970, the consequences of the restrictive policy seem to be overtaking all sectors of the French economy.
The continued increase in cost of money has dominated the French banking industry during 1969 and has led to important policy decisions in every organization. However, the practical implementation of our national credit restriction regulations has raised the most difficult problems for credit and money managers. Despite the foregoing, we have continued to try to
provide good service to our faithful customers, to offer help to dynamic enterprises, and to insure an acceptable return on invested capital.
This difficult task, aggravated by very strict exchange controls, has required constant and tireless effort from everyone involved. Thanks primarily to the fine quality and dedication of its personnel, our Bank nevertheless has managed to increase its business and improve its earnings. We wish to take this opportunity to express our sincere appreciation for the excellent job done by our people during this trying year.
We would now like to review various developments which have affected our Bank as a whole as well as its individual departments during 1969.
In our two preceding Annual Reports we emphasized our intention to strengthen our Bank's international position. We achieved this first step by selling shares of the Bank to four prime foreign financial institutions, and by the election of their representatives to our Board of Directors.
Up to now, our Bank did not have any direct foothold outside France, other than our former branches (now subsidiaries) in North Africa. This year for the first time we ventured directly outside the country.
Our new foreign subsidiary, Banque Worms et Associes (Geneve) S.A., was set up in Switzerland in April with a capital of Swiss francs 10 million. Although we hold a majority interest, ownership is being shared with the Bank of Scotland, Hessische Landesbank Girozentrale and Credit du Nord.
The new Swiss Bank became operational in September. lt is headed by Mr. Andre Fatio, former general partner of Banque Hentsch & Cie. We are confident that this subsidiary will allow us to strengthen and expand the range and the quality of services which our Bank can offer to its international clientele.
Our head office in Paris has been very crowded since 1967 when we merged with Sofibanque Hoskier and Banque Industrielle de Financement et de Credit. At that time it was decided to consolidate all the offices at 45 Boulevard Haussmannn where the various divisions of Worms & Cie had been located for many years. At the end of 1968 we concluded a rental agreement
for three more stories of the Boulevard Haussmann building. This allowed us to relocate some services which previously had temporarily been installed in other premises. In addition, Worms, Compagnie Maritime et Charbonniere, S.A. was able to relocate with some of our other shipping companies in a large, modern and functional building situated at 50 Boulevard Haussmann, practically a cross the street from our head office. Thus more space was vacated for our banking services which are now better installed in our head office.

*
**

Total assets of our Bank reached F 2,827,144,633 on December 31, 1969 compared with F 2,394,727,581 the year before. Of this total, checking accounts of customers amounted to F 1,537,994,870 against F 1,422,827,490 last year. As in the two preceding years, the growth in deposits was due entirely to certificates of deposit and time accounts which increased more than 30%.
The total amount of loans outstanding increased by slightly more than 11% in 1969. This percentage, which at first appears higher than the permissible limit, is explained partly by the fact that the credit restrictions were based on the bank position as of September 30, 1968, and even more by the important growth in transactions not subject to these restrictions. Following
its traditional policy our Bank has continued to be particularly active in plant and equipment financing as well as export credits. These two categories of credits, each growing significantly, accounted for more than 35% of our assets at the year's end. Also our contingent liabilities through guarantees have experienced a marked growth of more than 36%, due chiefly to an increase in mortgage guarantees.
The activity of our French branches in 1969 was very encouraging. They increased their deposits by an average of 20% during the year and made a profit as a whole. Two new branches were opened: one at the new national wholesale market at Rungis outside of Paris, the other in a redeveloped section of Lyon.
Our international division's activities during 1969 were affected by two rather unfavorable factors: first, the uncertainty which prevailed for most of the year on the outlook for the French franc and the German mark; second, the large borrowings on the Eurodollar market by American banks, which caused rates to reach new record highs. In this unsettled atmosphere, the international division faced difficulties arising simultaneously from the imposition of severe exchange controls, such as the restriction on permissible foreign exchange positions, and from new rules governing the balance between loans and borrowings on the international market. The division's administrative burden was consequently much increased, necessitating the hiring of extra personnel. Despite all these difficulties, the Bank's assets in foreign currencies increased significantly, and income from all our international activities surpassed the 1968 figure by 23.5%.
Despite the various problems presented by an excessively fluctuating market, our Bank maintained its international underwriting activities. This year we participated in the underwriting of 82 issues, compared with 81 in 1968, and received increased underwriting and selling commissions.
Our Bank's longstanding efforts in the field of export financing through its specialized subsidiary CIAVE continued to produce valuable results. The total amount of these credits increased by 30% from 1968 to 1969. This substantial increase derives primarily from commitments made under prefinancing agreements and buyers credits related to several important contracts signed by CIAVE in 1968. Especially worth mentioning are the contracts for the Brazilian petrochemical complex Petroquimica Uniao, in which the International Finance Corporation has an equity interest.
The year 1969 was marked by a very strong revival of activity on the Paris Stock Market. From January to May stock prices rose sharply in an overheated atmosphere. This inflationary trend led to a climate of uncertainty which brought prices down more than 10% below their peak at the beginning of August. But in the fall, after the adjustments of the franc and mark parities, stocks rose again on a sounder basis. The stock index ended the year at 26.7% above its December 31, 1968 level, and the trading volume was 42% higher than in the previous year. The activity of our securities division registered a parallel upsurge and commissions paid to our stockbrokers for customers' transactions rose by 33% over 1968. In connection with the stock market, we are pleased to report that Epargne-Expansion, a corporation which we established last year, was managing three mutual funds at the end of 1969. These funds were set up following the recent legislation implementing employees' profit sharing plans.
High stock market activity led to an increase of 11 5% in the number of new stock issues and 1 5% in new bond issues on the Paris Stock Exchange.
This was naturally also reflected in the volume of transactions of our corporate finance division in 1969. We handled three times as many capital increase operations as last year and we collected ten times as many subscriptions. Our bond placements increased by 42% despite the rise in interest rates in the second half of the year. This growth results from a substantial broadening of our Bank's placing power among institutional investors. Also, our investment banking division was very active in organizing and finalizing several transactions involving mergers and acquisitions within the general restructuring of the French industrial scene.

*
**

The net asset value of our Bank's stock portfolio reached F 152,905,684 on December 31, 1969, an increase of F 18,464,152 over last year. This growth of course represents the net balance between purchases and sales of many shares, as well as transfers to and from reserves. On the basis of closing stock prices on December 31, 1969, our listed securities furthermore represented unrealized capital gains of more than 55 million francs.
We wish to mention here only the most significant portfolio changes:
Concerning sales, the most important was the disposal of our interest in Comptoir Lyon-Alemand Louyot & Cie.
As for purchases, they fall into the following three categories:
1. Participating in the capital increases of companies in which we already had equity interests, such as Progil, Banque Hypothecaire Europeenne, Unibail, Cofidim, and Worms & Cie. (Maroc).
2. Increasing our percentage ownership in certain companies such as La Fonciere-Tiard, Saupiquet, and Sifram, which were reviewed in last year's Annual Report.
3. Taking new equity participations. Our new Swiss banking subsidiary of course falls into this category. In addition, in cooperation with the Bank of London and South America and with the Svenskq Handelsbanken, we established an offshore fund, Haussmann Holdings, N.V., incorporated in the Netherland Antilles. This fund, with assets of $8,000,000, invests primarily in U.S. managed hedge
funds.[1] We also bought an interest in Jeanneau-Constructions Nautiques, the leading French pleasure boat builder, which is enjoying a steady growth of sales and profits in this rapidly expanding leisure industry. Finally, we took an equity participation in the Sotoma Corporation which is building a skyscraper on the site of the former Montparnasse railroad station in Paris.

*
**

We present to you below current information on the principal companies in which our Bank has a direct or indirect equity interest.

A. Banks and Financial Institutions
Deposits of the Banque de l'Union Occidentale reached F 246,000,000 last year, an increase of 19% over December 31, 1968. lts earnings grew by 55% during the same period for a net income of F 1,301,661 in 1969.
Business of the Compagnie Bancaire group, with which we enjoy close relations, was naturally affected by the downturn in the real estate market, by the stringent credit restrictions, and especially by the rise in interest rates. The total volume of credits granted by this group again grew in 1969, but the slight increase resulted from a strong advance in the first half was partially
offset by a decline in the second. Earnings of the companies most sensitive to changes in the capital markets, namely Cetelem and the Union Française de Banques, are down substantially, but consolidated profit of the whole group is only slightly lower.
Cofica, which overcame some basic difficulties in 1967 and was in the process of turning around, suffered all the more from this year's unfavorable conditions. It ended 1969 with a loss.
The Portefeuille Investissements Fund benefitted from the favorable climate prevailing on the Paris Stock Exchange. Despite the weakness of the New York Stock Market, total net asset value of the fund increased by 24.5%, which places it at the top of French. closed end funds for 1969. Its board will propose at the Annual Meeting to raise the dividend from 8.75% to 9%.
As we explained to you last year, the Banque Industrielle de l'Algérie et de la Méditerranée (BIAM) has the dual role of managing its French holdings and finalizing the liquidation of its Algerian assets. The liquidation is being carried out on schedule. The guarantees which our Bank had to give in 1968 to satisfy the Algerian authorities were reduced to F 696,935 by the
end of 1969. Since this sum is much lower than BIAM's net assets, any risk of our having to make good on the guarantees has henceforth disappeared.
In Tunisia, the Banque d'Escompte et de Crédit à l'Industrie en Tunisie, in which we are associated with Banque Nationale de Paris and Morgan Guaranty Trust Company of New York, decided to merge with the Union Bancaire pour le Commerce et l'Industrie en Tunisie, itself a subsidiary of Banque Nationale de Paris in Tunisia. Our ownership in the merged company will be about 14%.
In Casablanca, our banking subsidiary, Worms & Cie (Maroc), raised its capital from 4,200,000 dirhams to 6,048,000 dirhams in compliance with new Moroccan bank regulations. Benefitting from the favorable economic situation which prevailed in Morocco during all of 1969, this company's profits and deposits rose markedly.

B. Insurance Companies
La Préservatrice-AIRD, which signed a cooperation agreement in early 1970 with Insurance Company of North America (INA), one of the largest US insurance companies, increased its business by about 12% in 1969. Its earnings should be somewhat improved despite the continued heavy burden of the automobile insurance division. The Company is planning a stock dividend and a new share issue.
La Foncière-TIARD increased business by 12% over 1968. Worldwide consolidated income for the group reached nearly 490 million francs in 1969. Similar progress was achieved by its specialized life insurance company La Foncière-Nation.

C. Chemical Products
As was reported by the press, the Progil Company merged with Rhone-Poulenc. In our portfolio the Progil stock was therefore replaced by Rhone-Poulenc shares at the exchange ratio of two for three. Just before this merger, however, all the industrial assets of Progil, as well as its corporate name, had been transferred to a new company. Thus our excellent relationships with Progil and its subsidiaries remain unchanged. But in addition, the recent merger, which certainly constitutes an important step in reorganizing the French chemical industry, provided us the opportunity to strengthen our ties with Rhone-Poulenc.

D. Mining Industry
During 1969, the Rothschild Group decided to transfer all of its equity in Société Minière et Métallurgique de Penarroya to the Société le Nickel, in which it already held an interest. Upon Rothschild's invitation, we agreed to transfer our Penarroya shares' on the same terms. Since the other major shareholders responded likewise, the majority interest in Penarroya now
belongs to Le Nickel. This company, in association with the American Kaiser Aluminum Corporation, is engaged in an extensive development program which should increase its nickel metal production from 38,000 tons in 1969 to 68,000 tons annually by the end of 1971.

E. Commercial and Hotels
The Société du Louvre continued renovating its department stores, and the volume of sales in its Paris stores increased by 10%. In addition, a new discount store was opened outside of Paris in Livry-Gargan.
This same corporation also owns and operates three hotels in Paris and seven others outside the capital. The purchase last year of a controlling interest in the large Ho tel Lutetia, located on the Left Bank in Paris, considerably broadened the company's hotel management prospects. The purchase was financed by an increase in capital from F 16,000,000 to F 20,170,000.
Following this financial transaction, the Société du Louvre grouped its ten hotels into a chain which was named Concorde. Representing more than 1,500 bedrooms, this chain of hotels has become an important factor in the French hotel industry. It is actively pursuing two new projects, one of which will be a 1,000 room hotel at the Porte Maillot in Paris. Construction should begin before the end of 1970.

*
**

In accordance with the provisions of Article 148 of the law of March 23, 1967, we will now review the activity and earnings of subsidiaries in which our Bank owns at least 50%.
These companies are the same as those mentioned in last year's report except for the Ateliers Moisant-Laurent-Savey, which merged with the Fisab Corporation in July 1969. Its capital increased from F 3,000,000 to F 4,450,000 and the participation of our Bank declined from 69% to 47%. This company has experienced a substantial increase in its net asset value due to the rise in the market value of the majority of the shares which it holds in portfolio.
We mentioned earlier the activity of the Banque Industrielle de l'Algérie et de la Méditerranée. This company may again end up with a deficit for fiscal 1969 due to tosses suffered in disposing of its Algerian assets, which had to continue to be treated as income account items.
The Société Méditerranéenne de Banque is our banking affiliate in Corsica, with branches in Ajaccio and Bastia and semi-permanent offices in Ghisonaccia and Propriana. Despite increased activity in 1969, the year's results will still not permit a dividend to be distributed.
The Société Immobilière Saint-Martin, a nearly wholly-owned subsidiary of our Bank, owned two stories of the building at 22-24 Rue de Courcelles, where the head office of Sofibanque-Hoskier was formerly located. The transfer of all our divisions into our enlarged Boulevard Haussmann offices allowed us to vacate these premises. They were sold for a capital gain of F 3,800,000 which will show up in the earnings of the Société Immobilière.
Despite a slight slowdown in sales, the Société Française de Sablières is satisfactorily working its quarry at Villeneuve-la-Garenne just outside Paris. While the quarrying operation is reaching its end, the refilling to follow, afterwards will leave an important piece of real estate which will become valuable due to the forthcoming establishment of an industrial zone in this area.
Our four other subsidiaries, Le Portefeuille-Mobilier, Société Auxiliaire Parisienne de Placements et de Participations, Marindus and Union Mobilière pour le Maroc et l'Étranger, are all investment companies whose activity is limited to managing their portfolios and whose affairs do not require any special comment.

*
**

Our Bank's Profit and Loss Statement shows a new profit for the year of F 12,679,888 after F 1,744,587 for amortizations and F 8,865,282 for corporate tax provisions. These figures compare with 1968 net profit of F 10,857,666 after F 1,203,762 and F 4,236,941 for amortizations and corporate tax provisions respectively.
We wish to emphasize that the above corporate tax provisions, although greatly increased over last year, still do not include the special withholding tax on banks which appears on the income statement under the caption "Provision for special charges".
We propose to allocate the year's profit in the following manner:
 

Net Profit for the year		12,679,888
Deduct
Transfer to legal reserve[2]:	633,994
Transfer to special reserve from long-term capital gains:	3,592,641
Transfer to special reserve from real estate transactions:	117,240	4,343,875
Balance:		F 8,336,013
Add
Undistributed earnings from previous year:		F 387,641
Earnings to distribute:		F 8,723,654
This amount will be apportioned as follows:
Statutory dividend:		F 5,704,670
Fees to Board of Directors:		F 253,540
Extraordinary dividend		F 2,281,868
Undistributed earnings to carry forward:		F 483,576
		F 8,723,654

If you approve, these allocations will permit us to pay a new dividend of seven francs on each of the 1,140,934 shares of 100 francs of par value which compose our Bank's capital. To this will be added a tax credit of 3,50 francs, making a total return of 10,50 francs per share.

Banque Worms & Cie
Balance Sheet on December 31, 1969
(Before distribution of 1969 profits)
 

Assets	French francs	Liabilities	French francs
Cash, French Treasury, Central Banks	127,422,384	Demand Deposits	99,903,179
Due from Correspondent Banks and Institutions	810,056,790	Current Accounts	801,981,658
Drafts and Notes	1,104,657,048	Due to Correspondent Banks and Institutions	582,756,237
Dividends and Interest Receivable	1,741,927	Accounts Due Upon Draft Maturity	333,788,246
Current Accounts	299,669,502	Liabilities for Borrowed Funds	73,470,188
Secured Loans	149,899,649	Outstanding Acceptances	86,454,112
Loans and Other Debtors	78,485,371	Time Deposit Accounts	636,110,032
Customer Acceptances	86,454,371	Regularization and Miscellaneous	37,669,670
Bank Portfolio	152,905,684	Reserve for Long-term Capital Gains	2,561,134
Regularization and Miscellaneous	7,505,152	Other Reserves	45,289,247
Fixed Assets	8,347,014	Capital	114,093,400
		Earned Surplus	387,641
		Profit of Fiscal Year 1969	12,679,888
	2,827,144,633		2,827,144,633

 

Contingent Liabilities
Not included in Balance Sheet

Guarantees	687,165,885
Drafts and Notes in Circulation Bearing Endorsement by the Bank	295,478,914
Conformed Credit Commitments	12,687,691

 

Banque Worms & Cie
Profit and Loss Statement
Fiscal Year
 

	French francs		French francs
General and Administrative Expenses	50,220,637	Net revenues from Banking Operations	68,780,635
Wages and Salaries	35,075,723	Revenues from the Bank Portfolio	10,446,927
Taxes and Dues	3,664,070	Other Revenues	190,045
Miscellaneous	11,480,844
Turnover	625,214
Depreciation	1,744,587
Provisions for Corporate Tax	8,865,281
Surplus Reserve Provision for Exceptional Taxes and Charges	5,250,000
Net Profits	12,679,888
	79,417,607		79,417,607

 

 

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